Gold Daily Update – Wednesday, 5 August 2009
Posted August 6, 2009on:
Gold opened at 966.00/967.00 and quickly retreated on light profit taking, finding support near 963.00. However investor demanded carried the metal higher, peaking at 967.00/968.00. The metal could not sustain this level very long as falling oil prices along with weaker equity markets inspired heavy selling. Gold remained offered, dipping to an intraday low of 958.25/959.25. It made back lost ground as the session moved towards the close, finally settling at 964.00/965.00.
Gold has managed to hold above 960 today closing flat at current 965. It is a day of rest after yesterdays strong up move that saw the unit trade toward 970. We like Gold revisiting the June high of 990 while 950 holds on the base. Suggest a trailing stop loss below 950 for shorter term Long Gold traders.
Pivot – 962.15
Primary Support (Buy) – 953.83
Primary Resistance (Sell) – 972.93